MONITORING DESK
SEOUL: The arms procurement agency of South Korea said on Monday that government support would be increased for the domestic development of weapon components. South Korea’s Defense Acquisition Program Administration announced its 2023-27 plan to locally develop arms parts by offering financial help to local companies in the country.
Weapon Development, research costs
Under the new support program, selected companies can receive up to 75 percent of development and research costs for homegrown weapon components.
South Korean official news agency said that the scope of the country’s support would range from metal alloy in gas turbine engines, and carbon fiber for advanced aircraft to metal alloy in gas turbine engines, and raw materials in high-performance explosives for guided.
South Korea aimed to develop 100 small companies specializing in arms parts and localize the production of arms parts by 80 percent.
